Internal restructuring
Location of affected unit(s)
Financial Services
Financial And Insurance Activities
Insurance, Reinsurance And Pension Funding, Except Compulsory Social Security
65 - Insurance, reinsurance and pension funding, except compulsory social security

488 jobs
Number of planned job losses
Job loss
Announcement Date
7 July 2023
Employment effect (start)
7 July 2023
Foreseen end date
31 December 2024


The Spanish Insurance group GCO, Grupo Catalana Occidente, has reached an agreement in July 2023 to implement a voluntary redundancy plan that includes a maximum of 488 voluntary departures. The plan focuses exclusively on structural staff members, and the locations affected are spread all over Spain.

The aim behind this restructuring is to achieve a better organisational fit for the corporate merger of Seguros Catalana Occidente, Plus Ultra Seguros, Seguros Bilbao, and GCO Reaseguros, scheduled for the end of 2023. Up to 488 structural employees are eligible for voluntary redundancy. The agreement was reached with most of the unions representing the workforce, namely CCOO, CGT, UGT and SICO. The plan was previously announced by GCO in December 2023. The consensus between GCO management and employee representatives was reached at the beginning of July, after a six-month period of information and consultation. The programme will be implemented over a year and a half, encouraging the voluntary departure of those closest to retirement.



Eurofound (2023), GCO (Grupo Catalana Occidente) , Internal restructuring in Spain, factsheet number 109280, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/109280.